March 14, 2019
Wednesday, March 13
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.783, nearly even to Tuesday’s closing price of $2.784. Still attempting to claw back Monday’s early losses, prices quickly found support on the backs of an expected bullish inventory withdrawal and cooler than previously reported forecasts. Building through the morning to reach the intraday high of $2.828 at 11:30AM and again at midday, the contract descended modestly as the afternoon drew on, as April closed higher on Wednesday at $2.820.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 210 BCF withdrawal from storage for the week ended March 8
th. This compares to a 93 BCF withdrawal at this time last year and a five-year average withdrawal amount of 99 BCF.
This morning in Globex, WTI Crude was up 32 cents; Natural Gas was up two cents; Heating Oil was up one cent; and Gasoline was up two cents.
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